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Pakistan receives $1 billion from China
PTI
|
Jun 17, 2023, 12:52 IST
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ISLAMABAD: Cash-strapped Pakistan has received $1 billion from its close ally China to support its critically low foreign reserves amidst the uncertainty to revive a stalled International Monetary Fund loan.
The State Bank of Pakistan (SBP) on Friday night confirmed having received the amount from China without sharing any other details about it. It would add to the reserves which had fallen to almost $3.9 billion in recent weeks.
Earlier, finance minister Ishaq Dar said Pakistan had paid back $1 billion to China last Monday against a due amount of $1.3 billion and it was hoped that the amount would be returned.
Pakistan's economy is tethering on the verge of default as the IMF is pushing the county to its limits to fulfil demands - which Islamabad insists had been already met - to provide the remaining $2.5 billion out of a bailout package of $6.5 billion agreed in 2019.
The entire amount is unlikely to be paid as the programme is ending on June 30 but Pakistan is pushing for a tranche of $1.1 billion as a symbolic gesture of endorsement of its policies by the Washington-based fund.
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Vedantham Sheshashar
1 day ago
China is clever. If Pakistan fail to repay the amount, which is certain, China will occupy Pakistan territory.
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Pakistan receives $1 billion from China
PTI
|
Jun 17, 2023, 12:52 IST
OPEN IN APP
ISLAMABAD: Cash-strapped Pakistan has received $1 billion from its close ally China to support its critically low foreign reserves amidst the uncertainty to revive a stalled International Monetary Fund loan.
The State Bank of Pakistan (SBP) on Friday night confirmed having received the amount from China without sharing any other details about it. It would add to the reserves which had fallen to almost $3.9 billion in recent weeks.
Earlier, finance minister Ishaq Dar said Pakistan had paid back $1 billion to China last Monday against a due amount of $1.3 billion and it was hoped that the amount would be returned.
Pakistan's economy is tethering on the verge of default as the IMF is pushing the county to its limits to fulfil demands - which Islamabad insists had been already met - to provide the remaining $2.5 billion out of a bailout package of $6.5 billion agreed in 2019.
The entire amount is unlikely to be paid as the programme is ending on June 30 but Pakistan is pushing for a tranche of $1.1 billion as a symbolic gesture of endorsement of its policies by the Washington-based fund.
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TOP COMMENT
Vedantham Sheshashar
1 day ago
China is clever. If Pakistan fail to repay the amount, which is certain, China will occupy Pakistan territory.
ADD COMMENT
READ COMMENT (1)
Get notifications on latest TOI news
END OF ARTICLE
READ NEXT
Chinese president Xi Jinping stresses US-China cooperation in meeting with Bill Gates
TRENDING STORIES
Live: SC to hear Bengal poll violence matter tomorrow Manipur violence: Army soldier injured in unprovoked firing Delhi-NCR wakes up to rain, traffic affected IMD predicts heavy rain for next 5 days in Assam Live: Chennai-bound int'l flights diverted due to bad weather 54 deaths in UP, 42 in Bihar in 3 days as heatwave sweeps north & east India AAP vs BJP over shocking double murder in Delhi
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UK jails Indian student for raping a woman
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PM Modi US visit
Manipur violence news
Bengal Panchayat Elections
JKBOSE 10th Result 2023
Ashes 2023 Live Score
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About us
Terms of use
Privacy policy
Cookie policy
Do Not Sell Data
TOP TRENDS
PM Modi US visit
Manipur violence news
Bengal Panchayat Elections
JKBOSE 10th Result 2023
Ashes 2023 Live Score
Mumbai University Merit List
Cyclone in Rajasthan
Heat wave in UP
Monsoon 2023
Indonesia Open
Chennai Rain Updates
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Sakshi Malik
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Puri Jagannath Rath Yatra
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Copyright © 2023 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service
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